EP3688705A1 - Transaction privacy in public distributed ledger systems - Google Patents
Transaction privacy in public distributed ledger systemsInfo
- Publication number
- EP3688705A1 EP3688705A1 EP18862535.4A EP18862535A EP3688705A1 EP 3688705 A1 EP3688705 A1 EP 3688705A1 EP 18862535 A EP18862535 A EP 18862535A EP 3688705 A1 EP3688705 A1 EP 3688705A1
- Authority
- EP
- European Patent Office
- Prior art keywords
- currency
- party
- primary
- transactions
- originator
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Granted
Links
- 238000000034 method Methods 0.000 claims abstract description 63
- 238000012546 transfer Methods 0.000 claims abstract description 53
- 238000012795 verification Methods 0.000 claims description 5
- 238000004891 communication Methods 0.000 claims description 4
- 239000011800 void material Substances 0.000 claims description 2
- 238000004590 computer program Methods 0.000 description 15
- 230000006870 function Effects 0.000 description 14
- 230000004224 protection Effects 0.000 description 13
- 238000003860 storage Methods 0.000 description 12
- 238000010200 validation analysis Methods 0.000 description 10
- 238000013459 approach Methods 0.000 description 9
- 230000005540 biological transmission Effects 0.000 description 9
- 230000007246 mechanism Effects 0.000 description 8
- 238000012545 processing Methods 0.000 description 8
- 230000008569 process Effects 0.000 description 7
- 238000006243 chemical reaction Methods 0.000 description 5
- 238000010586 diagram Methods 0.000 description 5
- 230000003287 optical effect Effects 0.000 description 5
- 230000000694 effects Effects 0.000 description 3
- 230000008520 organization Effects 0.000 description 3
- 230000002441 reversible effect Effects 0.000 description 3
- RWSOTUBLDIXVET-UHFFFAOYSA-N Dihydrogen sulfide Chemical compound S RWSOTUBLDIXVET-UHFFFAOYSA-N 0.000 description 2
- 230000009471 action Effects 0.000 description 2
- 230000033228 biological regulation Effects 0.000 description 2
- 238000004364 calculation method Methods 0.000 description 2
- 230000007423 decrease Effects 0.000 description 2
- 239000010931 gold Substances 0.000 description 2
- 229910052737 gold Inorganic materials 0.000 description 2
- 230000010354 integration Effects 0.000 description 2
- 238000007726 management method Methods 0.000 description 2
- 238000012986 modification Methods 0.000 description 2
- 230000004048 modification Effects 0.000 description 2
- 239000013307 optical fiber Substances 0.000 description 2
- 230000002265 prevention Effects 0.000 description 2
- 230000000644 propagated effect Effects 0.000 description 2
- 230000001105 regulatory effect Effects 0.000 description 2
- 238000000926 separation method Methods 0.000 description 2
- LFQSCWFLJHTTHZ-UHFFFAOYSA-N Ethanol Chemical compound CCO LFQSCWFLJHTTHZ-UHFFFAOYSA-N 0.000 description 1
- 238000012152 algorithmic method Methods 0.000 description 1
- 238000003491 array Methods 0.000 description 1
- 238000013475 authorization Methods 0.000 description 1
- 230000006399 behavior Effects 0.000 description 1
- 238000004422 calculation algorithm Methods 0.000 description 1
- 230000001010 compromised effect Effects 0.000 description 1
- 238000013500 data storage Methods 0.000 description 1
- 230000001934 delay Effects 0.000 description 1
- RTZKZFJDLAIYFH-UHFFFAOYSA-N ether Substances CCOCC RTZKZFJDLAIYFH-UHFFFAOYSA-N 0.000 description 1
- 230000001815 facial effect Effects 0.000 description 1
- 235000013305 food Nutrition 0.000 description 1
- 239000000446 fuel Substances 0.000 description 1
- PCHJSUWPFVWCPO-UHFFFAOYSA-N gold Chemical compound [Au] PCHJSUWPFVWCPO-UHFFFAOYSA-N 0.000 description 1
- 238000005304 joining Methods 0.000 description 1
- 238000004900 laundering Methods 0.000 description 1
- 238000004519 manufacturing process Methods 0.000 description 1
- 230000001404 mediated effect Effects 0.000 description 1
- 238000005065 mining Methods 0.000 description 1
- 230000002085 persistent effect Effects 0.000 description 1
- 230000000135 prohibitive effect Effects 0.000 description 1
- 238000011084 recovery Methods 0.000 description 1
- 239000004065 semiconductor Substances 0.000 description 1
- 230000001360 synchronised effect Effects 0.000 description 1
Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
- G06Q20/401—Transaction verification
-
- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
- H04L9/32—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols including means for verifying the identity or authority of a user of the system or for message authentication, e.g. authorization, entity authentication, data integrity or data verification, non-repudiation, key authentication or verification of credentials
- H04L9/3236—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols including means for verifying the identity or authority of a user of the system or for message authentication, e.g. authorization, entity authentication, data integrity or data verification, non-repudiation, key authentication or verification of credentials using cryptographic hash functions
- H04L9/3239—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols including means for verifying the identity or authority of a user of the system or for message authentication, e.g. authorization, entity authentication, data integrity or data verification, non-repudiation, key authentication or verification of credentials using cryptographic hash functions involving non-keyed hash functions, e.g. modification detection codes [MDCs], MD5, SHA or RIPEMD
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06F—ELECTRIC DIGITAL DATA PROCESSING
- G06F16/00—Information retrieval; Database structures therefor; File system structures therefor
- G06F16/20—Information retrieval; Database structures therefor; File system structures therefor of structured data, e.g. relational data
- G06F16/27—Replication, distribution or synchronisation of data between databases or within a distributed database system; Distributed database system architectures therefor
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
- G06Q20/06—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
- G06Q20/06—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
- G06Q20/065—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme using e-cash
- G06Q20/0655—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme using e-cash e-cash managed centrally
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
- G06Q20/36—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
- G06Q20/36—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes
- G06Q20/367—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes involving electronic purses or money safes
- G06Q20/3674—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes involving electronic purses or money safes involving authentication
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/382—Payment protocols; Details thereof insuring higher security of transaction
- G06Q20/3823—Payment protocols; Details thereof insuring higher security of transaction combining multiple encryption tools for a transaction
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/389—Keeping log of transactions for guaranteeing non-repudiation of a transaction
-
- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L63/00—Network architectures or network communication protocols for network security
- H04L63/04—Network architectures or network communication protocols for network security for providing a confidential data exchange among entities communicating through data packet networks
-
- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L63/00—Network architectures or network communication protocols for network security
- H04L63/12—Applying verification of the received information
- H04L63/123—Applying verification of the received information received data contents, e.g. message integrity
-
- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
- H04L9/06—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols the encryption apparatus using shift registers or memories for block-wise or stream coding, e.g. DES systems or RC4; Hash functions; Pseudorandom sequence generators
- H04L9/0643—Hash functions, e.g. MD5, SHA, HMAC or f9 MAC
-
- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
- H04L9/32—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols including means for verifying the identity or authority of a user of the system or for message authentication, e.g. authorization, entity authentication, data integrity or data verification, non-repudiation, key authentication or verification of credentials
- H04L9/321—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols including means for verifying the identity or authority of a user of the system or for message authentication, e.g. authorization, entity authentication, data integrity or data verification, non-repudiation, key authentication or verification of credentials involving a third party or a trusted authority
-
- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
- H04L9/50—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols using hash chains, e.g. blockchains or hash trees
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q2220/00—Business processing using cryptography
-
- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L2209/00—Additional information or applications relating to cryptographic mechanisms or cryptographic arrangements for secret or secure communication H04L9/00
- H04L2209/56—Financial cryptography, e.g. electronic payment or e-cash
Definitions
- This application relates to the field of distributed ledger systems, and more specifically to protecting the privacy of transactions in distributed ledgers that are publicly accessible.
- Some embodiments of the present invention provide a method of implementing a private but traceable primary transaction implementing a transfer of an asset from an originator to a recipient using a third party, using a distributed network of computers implementing a distributed ledger (where a "distributed ledger” includes hashgraphs, blockchains, and the like), comprising: (a) recording at the third party information relative to the originator that allows determination of the identity of the originator (where "identity" can be direct identifying information such as name, address, government identification number; or identification of a wallet that can be connected to a particular user, or a mechanism such as a zero knowledge proof that allows identity to be established later) (where "recording at the third party” means storing on persistent memory such that can be recalled later if needed, e.g., ROM, Flash memory, optical disks, magnetic disks, or others); (b) recording on the distributed ledger a transfer of the asset from the originator to the third party and verifying that said transfer has been recorded on
- the number of the plurality of secondary transactions is determined by a predetermined method (where a "predetermined method” can include selecting a random number, or selecting a number by an algorithmic method, e.g., responsive to factors such as the size of value of the asset, the identity or location of the originator, the identity or location of the recipient, the identity of the third party, the time of the transfer, a history of transactions of the recipient, a history of transactions of the originator) at least equal to a predetermined lower bound.
- a predetermined method can include selecting a random number, or selecting a number by an algorithmic method, e.g., responsive to factors such as the size of value of the asset, the identity or location of the originator, the identity or location of the recipient, the identity of the third party, the time of the transfer, a history of transactions of the recipient, a history of transactions of the originator) at least equal to a predetermined lower bound.
- more secondary transactions can make it harder to reconstruct the primary transaction, e.g., splitting a primary
- the number of the plurality of secondary transactions is a random number no more than a predetermined upper bound.
- An upper bound on the number of secondary transactions can reduce overhead, e.g., if there is a recording fee for each secondary transaction then the recording fees can become prohibitive if the number of secondary transactions is too high relative to the size of the primary transaction.
- the third party controls a plurality of wallets on the distributed ledger, and where at least one of the plurality of secondary originating parties is associated with a different wallet than at least one other of the plurality of secondary originating parties.
- recording the plurality of secondary transactions comprises recording the plurality of secondary transactions at a plurality of times. The secondary transaction recording can be spread over a few minutes, a few days, or even longer depending on the nature and size of the primary transaction, and the desire for urgency balanced against the desire to keep the transaction private.
- At least two of the plurality of times are separated by a time interval determined by a predetermined method and no less than a predetermined lower bound. More separation can make it harder to reconstruct the primary transaction, so separations of at least one minute, 30 minutes, one day, or longer can be useful in some situations.
- At least two of the plurality of times are separated by a time interval determined by a predetermined method and no more than a predetermined upper bound.
- An upper bound can help the parties know when the primary transaction will be complete by recording of all the secondary transactions, and can be selected to ensure that the need for urgency is satisfied while allowing enough time for other transactions to obscure the relationship of the secondary transactions to each other.
- the third party receives communications specifying a plurality of primary transactions, at least one of which is from the originator and at least one of which is from a party other than the originator, and all of which are to the recipient, and wherein the third party combines the plurality of primary transactions to the recipient and the combined transaction is treated as the primary transaction for the remainder of the method.
- the number of the plurality of secondary transactions is determined by a predetermined method and at least equal to a predetermined lower bound.
- the number of the plurality of secondary transactions is determined by a predetermined method and no more than a predetermined upper bound.
- the third party controls a plurality of wallets on the distributed ledger, and where at least one of the plurality of secondary originating parties is associated with a different wallet than at least one other of the plurality of secondary originating parties.
- recording the plurality of secondary transactions comprises recording the plurality of secondary transactions at a plurality of times.
- At least two of the plurality of times are separated by a time interval determined by a predetermined method and no less than a predetermined lower bound.
- At least two of the plurality of times are separated by a time interval determined by a predetermined method and no more than a predetermined upper bound.
- the originator and the recipient are the same entity. This can be useful, as an example, to obscure ownership of assets after the owner of a wallet has been identified (e.g., by mining transactions for patterns that allow identification of an owner of a wallet). The owner can initiate a primary transaction that transfers assets out of the compromised wallet to another wallet owned by the same person, and the claimed method can make it difficult for other parties to determine the new wallet owned that now has the assets.
- Some embodiments of the present invention provide a method of implementing a private but traceable transaction, from an originator to a recipient using a third party, using a distributed network of computers implementing a distributed ledger, comprising: (b) recording on the distributed ledger a transfer of an asset that requires authentication by the originator and authentication by a third party (e.g., cosigner or guarantor, adult approving child transactions, government or regulatory approval, etc.); (c) communicating from the originator to the third party verification information that verifies the originator's control of the asset; (d) verifying at the third party said verification information; (e) recording on the distributed ledger an approval of the transfer.
- a third party e.g., cosigner or guarantor, adult approving child transactions, government or regulatory approval, etc.
- the transfer recorded on the distributed ledger is voided if the approval is not recorded within a predetermined time.
- the originator can void the transfer recorded on the distributed ledger before the approval is recorded on the distributed ledger
- FIG. 1 is an illustration of an example immediate note network according to the present invention.
- the present invention provides various capabilities through the integration of a trusted entity with a trustless blockchain.
- the trustless blockchain does not itself have to trust the trusted entity, and the trusted entity need not be trusted by all users of the trustless blockchain. Rather, those users who are comfortable with, or required to, trust the trusted entity can use it to realize certain benefits that are not possible with purely trustless blockchains.
- INN Immediate Node Network
- FIG. 1 The Immediate Node Network
- the INN utilizes a secondary form of the blockchain's cryptocurrency called Protected-currency, described below. Protected-currency Wallets and Protected-currency transactions have a known identity associated with them, privately held by T3P, which in turn enables the INN's optional features.
- Wallets include private and public keypairs, and indicate ownership of Primary-currency. Wallets can be automatically added for accounts on systems that use Primary-currency. Code will be available for individuals to create their own wallets as well.
- the system API will include wrappers for other cryptocurrencies, as well. These wrappers will create an interface for interoperability between the system and other blockchains.
- Validators are rewarded for maintaining consensus.
- the rewards for Validators are commensurate with the task of running a server, however, and therefore the vast majority, if not all, of new Primary-currency issuances will serve as incentives to the community surrounding the system. It is expected that Validators will be paid out of Primary-currency reserves or in fiat currencies.
- the rewards for Validators are based solely off of maintaining consensus and are awarded per block-pair in the case that Primary-currency is part of the incentive. Block rewards are not affected by which Validators are actually proposing and creating blocks. The reward calculation amount can be continually adjusted by a governing entity or organization, referred to herein as GOV. Validators who are active will share in the block rewards irrespective of who proposed the blocks.
- Smart contracts can be implemented either as part of the core protocol itself, or in the form of Smart Coins which provide added functionality.
- Core functionalities that create value for the entire blockchain are implemented in the protocol itself.
- the definitions of what types of Smart Coins are available and how they are processed is part of the protocol.
- Capabilities associated with Protected-currency such as chargebacks and recoveries from theft or loss), lending functionality, and the implementation for immediacy (the Protected-currency Allocation Amount), are also part of the protocol itself.
- the protocol utilizes Smart Coins for more generic functionalities.
- Smart Coins are an important aspect of the protocol. They represent other types of ownership and identity beyond Primary-currency itself as well as implementations for on-chain processing and operations.
- Smart Coins There are a number of ownership and operational representations that are maintained with Smart Coins, and any of these representations or operations are associated with a wallet. These Smart Coins can be held in a wallet in the same way that Primary-currency is held in a wallet, and can be transferred in the same way that Primary-currency is transferred on the blockchain. Smart Coins can be issued by the INN (for example, when new Validators are added), or algorithmically by the blockchain (for example, when ownership is created for a new wallet in a multi-tier blockchain approach), or from users in the system. Smart Coins utilize a composition-based programming philosophy in which groupings of Smart Coin elements combine to produce more sophisticated behavior. Examples of Smart Coins are given below. [044] Smart Coins can have their own transfer rules.
- the INN can transfer Validator Smart Coins from one account to another.
- the INN can also transfer Status Smart Coins, ID Smart Coins, or Voting Smart Coins to a wallet, but cannot transfer them out of a wallet.
- Wallet Smart Coins can only be transferred by a Tl blockchain.
- Smart Coins can also have special properties, such as rules upon which they are removed from the blockchain state to save space (leaving only their hashed representations in a Merkle tree), whether they are eligible for reversals when sent from a Protected-currency wallet, or other properties required for specialized functionality.
- Smart Coins can represent fungible or non-fungible digital assets, or can simply be used as part of transfer or ownership mechanisms.
- the example system can utilize a specific, secondary type of cryptocurrency class called Protected-currency to enable more protections on transfers.
- Protected-currency a specific, secondary type of cryptocurrency class
- No user is ever required to send a transaction in the form of Protected-currency as it is a completely optional feature of the system; however, the use of Protected-currency can provide valuable protections based on trust of one or more trusted third parties (referred to herein as T3P) (in the same way that people trust credit card companies to protect their interests when making online purchases).
- T3P trusted third parties
- An account with T3P is required to use Protected-currency, so that its protections can be verified.
- Protected-currency can be used to handle situations where the ability to have chargebacks or reversed transactions is desired.
- Protected-currency operates under special rules, different from Primary-currency, but all Protected-currency transactions are validated on the blockchain using the same methodology as Primary-currency.
- Protected-currency serves as a temporary instrument that represents Primary-currency, but transactions made with Protected-currency can be reversed by T3P.
- Protected-currency is similar in nature to a particular type of smart contract, but its purpose and use is defined and it is integrated into the core of the protocol.
- the sender simply indicates that Protected-currency should be sent instead of Primary-currency.
- Protected-currency replaces the Primary-currency in the sender's wallet, and Protected-currency is then sent to the recipient.
- Protected-currency also includes a timestamp indicating when it was sent and a time period upon which it converts back to standard Primary-currency.
- the system default is Sd seconds (for example, a number of seconds equivalent to 15 days). This conversion is an automatic transaction computed and validated by nodes.
- T3P has the authority to reverse the Protected-currency transaction (by adding an inverse transaction).
- Protected-currency cannot be transferred by a recipient after it is received while still in the form of Protected-currency. At any time while
- Protected-currency is owned, the recipient can send a message declining the Protected-currency, and it will become Primary-currency in the sender's wallet as if the transaction never happened (which is implemented as a transaction).
- the sender can also send a message that immediately converts the Protected-currency to Primary-currency for the recipient (for example, when a product has been received in good condition).
- Disputes are handled through a dispute-resolution process mediated by T3P, similar to credit card disputes. Dispute resolution is based on legal principles such as seller requirements and claims on a platform making a sale.
- the Protected-currency time period is automatically incremented when a user indicates suspicion of fraud and initiates a dispute.
- GOV or T3P can increase the system default value of Sd or further increase a Protected-currency's time period if more time is needed for dispute resolution.
- Special Protected-currency Wallets can be created so that transactions can only be sent using Protected-currency rather than Primary-currency.
- Protected-currency Wallets must be created through the approval of T3P, so that identity can be verified. Once users have a verified account with T3P, they can create new Protected-currency Wallets as needed.
- Protected-currency Wallets if a user's private key is stolen, and funds are illegally transferred, the transaction can be reversed. A stolen private key for a wallet can be proven, and then the transactions can be reversed and sent to a newly created Protected-currency Wallet.
- Protected-currency Wallets use the system value of Sd when transfers are made, and the check is made against the timestamp versus Sd, as opposed to a lifetime associated directly with the Protected-currency in this case.
- Protected- currency Wallets cannot send the message that immediately converts Protected-currency to Primary-currency. Sd can be modified at any point by GOV or T3P.
- a user can request that T3P initiate a transfer from a Protected-currency Wallet into another newly-created Protected-currency Wallet owned by the same user.
- Primary-currency can be transferred to a beneficiary upon a holder's death.
- a protection against T3P transferring Protected-currency inappropriately (which we never expect to occur, but which we allow a user-controlled safeguard against as a precaution)
- a user can transfer the Protected-currency in the form of Primary-currency into a new Primary-currency wallet (using the private key, which in this case was not actually lost), therefore effectively reversing an INN- initiated transfer.
- Any transaction out of a Primary-currency wallet can be made by a sender (buyer) in Protected-currency if they have a T3P account.
- a Protected-currency transaction deducts Primary- currency from the wallet as normal, and the recipient receives Protected-currency rather than Primary-currency.
- the Protected-currency includes a timestamp on creation and a time period associated with it, upon which it converts to Primary-currency. If a recipient (seller) acts fraudulently, such as by failing to deliver purchased goods, the sender can contact T3P and while the payment is still in the form of Protected-currency, T3P can reverse the transaction.
- Protected-currency cannot be transferred from a wallet (other than in the case of the initial conversion from Primary-currency).
- Protected-currency converts back to Primary-currency automatically at the end of its lifetime. At that point it can no longer be modified by T3P.
- the sender can set the conversion time period when the Protected-currency is created or use the system default.
- the recipient can decline the transaction, which returns Primary-currency to the sender's wallet.
- the sender can send a transaction message (such as when a purchased product has arrived in good condition) converting the Protected-currency to Primary-currency immediately.
- Protected-currency Wallets include added protections against theft and loss.
- Protected-currency Wallets hold a user's Primary-currency as a normal wallet would, but any outgoing transfers from a Protected-currency Wallet must be in the form of Protected-currency.
- the time period for a Protected-currency Wallet transfer can be the system default time. If a user's Protected-currency Wallet private key is stolen and funds are transferred fraudulently, the user can contact T3P, and T3P can reverse the transaction and send the funds into a newly created Protected-currency Wallet with a new private key. If a user loses the wallet's private key, T3P can transfer Protected-currency into a new Protected-currency Wallet.
- Protected-currency Wallets can be utilized to implement other features like Immediate Transactions, Private Transactions, Identity Verification, and Credit/Loans.
- the system can implement transactions immediately through Immediate Nodes on the Immediate Node Network (INN), such as when a transaction is desired to be implemented on credit card rails or a credit card network or when transactions are desired to be immediately approved through a mobile transaction, as examples.
- INN Immediate Nodes on the Immediate Node Network
- a transaction is received by a standard node, put into a transaction component of a block-pair, and then the validation component of the block- pair will validate the block and therefore the transaction.
- a deeper block will be more secure as well, though with Proof-of-Validation, even a validated block with priority at the top of the blockchain is relatively secure, particularly with a value of Vp over 50%.
- This means that a transaction can take the block time, or Sv seconds, before it is validated and approximately 2*Sv seconds before it is one block deep, even on a T2. This amount of time can be too slow for transactions that need to be validated immediately.
- Immediate Nodes use an operational procedure directly integrated into the system protocol for both security and a more seamless integration.
- Primary-currency owners can use a Protected-currency Wallet to indicate an allocated amount, called the Protected-currency Allocation, or Dallocation.
- the Dallocation sets aside Primary-currency, Crypto-fiat, or other tokens to be verified immediately by the INN.
- the Dallocation can be utilized for immediate transactions and represents Primary-currency held in the user's wallet that the INN can transfer through its payment channels based on a user's actions (such as a credit card purchase or mobile app purchase).
- a user can send an encrypted originating message in order to create the Dallocation for a Protected- currency Wallet, along with an indication of the INN's permissions for sending Primary-currency from the Dallocation.
- INN transactions can be limited in amounts over a given time period. The amount reserved within the Dallocation cannot be transferred out of the Protected- currency Wallet other than through transactions originating from the INN. Those transactions do not utilize the private key for the Protected-currency Wallet, but instead nodes on the INN use their own private keys to create transactions that can be validated by T2's. [067] T3P can therefore allow the ability to guarantee payments immediately, and can allow the processing of transactions such as Point of Sale credit card transactions through standard credit card machines.
- a POS purchase can trigger a transaction withdrawing an amount from a Dallocation.
- the INN maintains records of balances of the Dallocations for each Protected-currency Wallet that has a Dallocation.
- the INN sends transactions to the T2's, which updates account balances on the blockchains themselves.
- an owner can instruct the INN to send a transaction to the network releasing the Dallocation into standard Primary-currency amounts within the Protected-currency Wallet. Since Dallocations are in
- the INN can consolidate transactions over time before submitting them to the actual blockchain. For example, if Wallet A sends 100 Primary-currency to Wallet B, and Wallet B sends 100 Primary-currency to Wallet C, the INN can send a message to the Network that a transaction of 100 Primary-currency was sent from Wallet A to Wallet C. It can summarize state information within its node accounts before synchronizing with the Network.
- the protocol has the ability to ensure stability through a concept called Crypto-fiat, a nonvolatile one-to-one fiat backed representation of Primary-currency. This is accomplished through the use of the Dallocation. Amounts that are transferred into a Dallocation by a user can be converted through an exchange mechanism into Crypto-fiat. Crypto-fiat can take a number of forms such as Crypto-dollars or Crypto-eurs, for example. For every Crypto-dollar that is issued by T3P, as an example, one US Dollar will be put into an escrow account controlled by T3P. The escrow account will be audited, and can be publicly verified as to its integrity from the beginning. Those Crypto- dollars can be transferred within the blockchain for purchases, through Dallocation mechanics.
- any Crypto-dollar holder can receive a US Dollar out of escrow from T3P in exchange for the Crypto-dollar (which is then destroyed). In this way there are always exactly as many US Dollars in escrow as there are Crypto-dollars in existence, so the price of Crypto-dollars will not be volatile and will track very closely to the value of US Dollars (or Crypto-eurs to Euros, etc).
- Crypto-fiat contained in Dallocation portions of accounts can only be transferred by T3P, and T3P collects fees on Dallocation transfers. However, if users want to transfer cryptocurrency to other users without any fees, they can do so by exchanging Crypto-fiat with Primary-currency, which can then be exchanged back to Crypto-fiat by the recipient.
- Crypto-fiat Fundamentally the Dallocation and the Crypto-fiat implementation of Primary-currency allow stable transfers of cryptocurrency, and create a practical way to use cryptocurrency for more than just a store of value.
- Crypto-fiat is used with the protocol's other features such as fraud, theft, and loss protections, or the implementation of privacy.
- Crypto-fiat can also be used to wrap other assets.
- a Dallocation can contain Crypto-bitcoin, Crypto-ether, or even Crypto-gold.
- a Dallocation can also contain Crypto-baskets that represent groupings of fiat currencies and other financial instruments which can have even less volatility than the US Dollar.
- T3P can provide digital credit (i.e. the equivalent of a digital credit card or a loan) with a Credit Smart Coin or a Loan Smart Coin. Transactions are automatically processed from the account holding the Credit Smart Coin or Loan Smart Coin to pay off the balance. These Smart Coins include all parameters associated with loans/credit, such as balance, interest rate, term, payment terms, compliance and status, etc. Balances are updated automatically based on these parameters (in essence, they operate like a specialized smart contract, with the limited calculation related to the loan's status). Credit Smart Coins and Loan Smart Coins cannot be transferred, of course, except by the loan holder. Credit Smart Coins include an available balance like a standard credit card. Loan Smart Coins disappear when they are paid off. Primary-currency received on credit can be used with the Dallocation described above to enable immediate payments. In this combination, credit can be implemented like a traditional credit card. Credit and lending is a particularly valuable concept when combined with Crypto-fiat.
- Association between an identity and a wallet can happen over time by combining real-world information with on-chain events, as examples by correlating timing of known purchases or amounts of known purchases with individuals.
- E.g., mortgage payments, large purchases, or even small purchases such as fuel for an automobile or subway tickets can be used to match a particular wallet with an observed individual.
- voting purposes it is often desired to separate one's vote from one's identity. In many cases, even a vote that is associated pseudonymously can be undesirable. One might not want their vote to be able to later be traced back to them.
- the present invention's approach to privacy allows an optional methodology for implementing private transactions in cases where it is desired.
- Our approach uses a trust-based methodology implemented via the INN.
- a user sends Protected-currency to a privacy account owned by T3P from a Protected-currency Wallet.
- the user sends an off-chain message to the INN, encrypted both in terms of the transmission itself and using the wallet's private key to encrypt the transaction, instructing where that transaction should be sent.
- the INN can validate the transmission against the amount received using the wallet's public key, and then send a transaction message to the network implementing the transaction.
- a user can transfer money anonymously in this way.
- T3P will know the identity of the sender, as
- Protected-currency Wallets (where the ID is known to T3P) are used for these private transmissions. The amounts sent can be instructed to happen over a time period to one or more wallets in one or more amounts so that public tracking by amount can be obfuscated. Transactions, which are in the form of Protected-currency, that are reversed by the INN must be routed back through the INN, as the public sender for the Protected-currency will be an INN wallet on the blockchain. A reversal received by the INN must reference internal private records to send the Primary-currency back to the original wallet. The INN is the only entity on the blockchain which can send outgoing Protected- currency or Primary-currency amounts based on a transfer from incoming Protected-currency amounts.
- This approach can be used in a number of situations.
- a single transfer can be made privately, where the amount sent cannot be publicly tracked to the destination.
- Primary-currency owners can privately send amounts to other wallets they own to maintain privacy on the accounts they own, particularly if an account's identity was determined. This can also be done to further obfuscate a transaction from being reverse-engineered.
- a private transaction can have Protected- currency sent to a recipient address and any remaining Primary-currency can be sent to different wallets the sender owns.
- Private voting can be implemented, where a Vote Smart Coin can be transferred (i.e.
- Votes can include an encrypted message that only the sender can decrypt, to later verify that a vote was cast
- the user can instruct that each transaction indicated as a Dallocation transaction will move remaining balances in the wallet into a new Protected-currency Wallet.
- the Dallocation in the new wallet can be adjusted by the INN, amounts can be sent to multiple wallets, or amounts can be sent over time in multiple transactions, in order to obfuscate public determination of the transaction.
- the user can track their balances and wallets through an INN account.
- an INN account can also receive Primary-currency that can be transferred with both privacy and immediacy, but which never is reflected on the blockchain itself, such as is often done on exchanges.
- Protected-currency accounts created algorithmically by the INN will retain ownership records matching the owner so that private ownership knowledge is maintained.
- the INN can consolidate many transactions and post summaries to the blockchain at intervals, further aiding with privacy and efficiency. The intervals upon which the blockchain is synchronized will not affect the immediacy of transactions. Transactions and balances can even be held entirely off chain, with internal tracking by the INN in wallets associated with T3P.
- the following categories indicate how a sender can implement a transaction. All of the categories of transactions other than Primary-currency itself are optional, and are used by a Primary- currency owner only when added functionality or safety is desired. A user can determine whether Protected-currency or Protected-currency Wallets are to be used, and whether the INN is involved in any given transaction.
- the options can be set up in a straightforward manner.
- the standard software or any app that allows transfers of Primary-currency can have a straightforward checkbox with a Protected-currency option for sending any given transaction, and a standard "info" icon to provide information on using Protected-currency.
- Protected-currency Wallet can be described, with a link to T3P page for creating Protected-currency Wallets.
- immediacy and privacy options can be described as options.
- the underlying implementation does not need to be detailed to users. The choices and ramifications in setting up different types of wallets and implementing different types of transactions will be described in a straightforward way.
- GOV is an entity that oversees the operations of the network to assure consensus.
- the Immediate Node Network (INN) is controlled by GOV and is used to oversee consensus operations and add optional features. It is founded on a system of transparency - the rules that GOV operates under to oversee consensus are available at any time to anyone, all algorithmic operations of the network are available at any time to anyone, and all results of those algorithmic operations (i.e. the blockchain itself) are available at any time to anyone.
- T3P provides a mechanism for lending with fixed-supply, protected, fractional reserve lending. Having the ability to borrow Primary-currency can be a very valuable functionality for our community.
- the protocol utilizes Lending Coins, Loan Coins, and on-chain contractual mechanisms based on those coins, which together create a lending system that shares some of the same characteristics and benefits of fractional reserve banking.
- the example system addresses the weaknesses of fractional reserve banking.
- the example system's protocol has a specific limit on the amount of Primary-currency that can be issued.
- a predetermined portion of lending capability is set aside for T3P, called the Primary-currency Loan Reserve (DLR), in order to guarantee the majority of any given withdrawal (80%) for any given depositor.
- DLR Primary-currency Loan Reserve
- Lenders can only make loans in an aggregate total amount equal to the DLR, given loan issuance rules controlled by Lending Coins. Because loans cannot be made in aggregate beyond the DLR, the lending system is non-inflationary (as it relates to monetary supply) beyond the DLR, and the overall fixed supply of Primary-currency cannot be adjusted more than the DLR. All of the algorithms that define lending mechanisms are implemented automatically by nodes.
- Lending Coins are issued by T3P.
- a wallet that contains a Lending Coin can be considered to be a lender.
- These Lending Coins can be sold by T3P so that a lender has a basis in its activities, or T3P can require a deposit.
- T3P can also agree to repurchase a Lending Coin, for example, using a fiat currency or Primary-currency, or by returning a deposit. Details are negotiated between T3P and lenders. In order to create a lender, T3P sends a Lending Coin to the lender's wallet indicating both the amount it can lend out to others and the lender's obligations.
- Lending Coins There are two types of Lending Coins - Fractional Reserve Lending Coins and Full Reserve Lending Coins. Lending Coins record lending authorizations, and Fractional Reserve Lending Coins can only be issued up to an aggregate amount equal to the DLR. Full Reserve Lending Coins do not add to that aggregate amount. If T3P tries to authorize lending in an aggregate amount of Fractional Reserve Lending Coins larger than the DLR, that issuance transmission will be considered invalid by nodes (e.g., computers) in the system.
- nodes e.g., computers
- Fractional Reserve Lending Coins [091] Fractional Reserve Lending Coins. [092] After a fractional reserve lender is created with a Fractional Reserve Lending Coin, it can accept deposits. T3P cannot deposit Primary-currency into lender's accounts. When a lender accepts deposits, a liability is created where the lender has an obligation to return deposits when the depositor requests a withdrawal. After lenders have received deposits, they can make loans to others. Lenders can only loan up to 80% of their deposits, and must maintain 20% of their total outstanding deposits as a Primary-currency reserve. At the end of any given period, if the 20% balance is not maintained, then the lender must borrow money from T3P at a rate defined by the Lending Coin. This will happen automatically on the blockchain.
- Lenders have an obligation to immediately return 80% of deposits when a withdrawal is requested, and lenders cannot perform any further lending until they have returned the remaining 20% of a withdrawal request.
- a lender In order to return the final 20% of a withdrawal request, a lender must maintain additional reserve (beyond the 20% reserve) to account for the 20% risk on that withdrawn deposit to maintain the same 20% risk level for other depositors and T3P.
- additional reserve beyond the 20% reserve
- a lender issues a Loan Coin that defines standard loan terms like interest rate, term, and payment obligations.
- the lender also issues Primary-currency that the borrower can use. If a depositor wants to make a withdrawal and the lender does not have enough money in its reserve to cover the withdrawal, then the lender must borrow money from T3P to cover the withdrawal.
- Lending Coins can allow voting rights to depositors to approve loans.
- a Full Reserve Lending Coin can be issued by T3P to a wallet that contains Primary-currency to cover any lending.
- the Full Reserve Lending Coin is issued with a lending limit, an equal amount of Primary-currency in the wallet is locked to the loan, and cannot be transferred other than through a loan. If there are no outstanding loans, the lender can remove the Full Reserve Lending Coin, freeing the locked Primary-currency.
- the Primary-currency that is locked can be loaned to others within requirements set by the Full Reserve Lending Coin. The lender assumes all risk for bad debt on loans with a Full Reserve Lending Coin. T3P receives a percent of interest profits, defined by the Lending Coin, on full reserve loans.
- T3P can issue credit in the form of Credit Coins from available amounts in the DLR or from Primary-currency ownership, directly to users. Credit Coins act in a similar fashion as credit cards. Where a Loan Coin disappears when a loan is paid off, a Credit Coin can be used for credit on an ongoing basis, subject to the terms associated with its use.
- the DLR can unlock, and be available for lending purposes, over time, e.g., 20% will unlock one year after launch, and an additional 20% will unlock each year thereafter until the full DLR is available for lending.
- Identity is a powerful solution within the example protocol. Smart Coins can be issued by the INN in order for users to prove their identity in a variety of use cases. Identity Smart Coins are issued to Protected-currency wallets only, as T3P knows the identity of Protected-currency wallet holders by definition.
- Identity Smart Coins can be used in any situation where an identity is required for a transaction, such as a seller that wants to validate an identity for a sale.
- the INN can issue an Identity Smart Coin to a Protected-currency Wallet with Primary-currency for the transaction. It is important to note that the identity of the individual does not need to be associated with his/her entire Primary-currency ownership.
- a Primary-currency owner can create a new Protected-currency Wallet on a case-by-case basis, send Primary-currency to that wallet or receive Primary-currency from someone else, and then request that the INN issue an Identity Smart Coin for the new account.
- the transfer of Primary-currency to a new Protected-currency Wallet can additionally be handled via a private transaction, described below, so that an Identity Smart Coin cannot be publicly linked with other accounts.
- Identity Smart Coins can be encrypted, so that the intended recipient is the only entity that can validate and use the identity. For example, a third-party partner can put a relationship in place with T3P to utilize its identity-validation techniques.
- the INN can encrypt identities to be decrypted later by the third-party using a provided decryption key.
- the owner can request an Identity Smart Coin encrypted with a key that the owner holds.
- the INN can send Identity Smart Coins to wallets upon their owners' requests. Then, transactions originating from an identified Protected-currency Wallet, whether these transactions involve Primary-currency or not, can be verified as originating from a specified identity, using the Identity Smart Coin that the INN sent. Identities can also be verified by T3P with the owner's prior approval.
- Identity Smart Coin encryptions include numerical aspects of the wallet, such as its public key, so that Identity Smart Coins sent by the INN cannot be associated with unrelated accounts using public records.
- T3P can verify the citizenship status of a Protected-currency Wallet owner. This can be initially done by T3P through standard means, such as by obtaining a copy of a passport. The owner can then request that an encrypted Identity Smart Coin be sent to their wallet, including their name and citizenship information, to be used with a service that is only available to citizens of a particular country. The owner could then send a Primary- currency payment to the service provider.
- the service provider can either decrypt the identity (if that was arranged ahead of time with T3P), or the service provider can request a validation of the ID from T3P, which can provide it with the owner's permission (either as an account setting or as part of the original Primary-currency transmission), or the owner can provide the key to be used to decrypt the identity with an off-chain message.
- Identity validation can have many useful purposes. It can be used to enable voting by a third party. It can be used in transactions that require some level of identification such as joining an organization, securing a credit card or mortgage, making a purchase, taking an action restricted to certain groups, participating in a raffle, or interacting with an online group.
- Identity Smart Coins can include personal details, such as name, address, email, phone number, gender, nationality, or any other information needed in an identity request. T3P can also aid in identity validation by overseeing other types of identity inputs such as a bank account validation (sending small amounts that are reported back), mobile phone texting validation, validation of government issued IDs or reference numbers, physical facial or fingerprint scans, or any other type of identification information that can lend itself to a digital identity.
- Identity Smart Coins can be used with third-party systems, such as for submitting a request.
- An Identity Smart Coin can be used to apply for a membership, where all of the details needed for the application can be included in the Identity Smart Coin, and the transmission of an Identity Smart Coin is the act of applying for the membership.
- T3P can accommodate various implementations based on the user's instructions.
- Voting - The INN can issue encrypted Identity Smart Coins to accounts that are eligible for a vote, and those Smart Coins can be sent to the third party's addresses representing voting choices (either through a private or public transmission). In this way, a single vote per identity can be assured.
- the INN can issue encrypted Identity Smart Coins to eligible members with all of the information required to apply for a membership.
- the user can send the Identity Smart Coin to the third party's address to apply for the membership. If there are membership fees, those fees can be paid in Primary-currency from the account holding the Identity Smart Coin.
- a membership can be associated with a physical location like a gym or club, or it can be for online activities like a video game or social site.
- Identity Smart Coins could be used to verify gender in an online dating site, or age for COPA (Child Online Protection Act) purposes in gaming or other websites.
- Raffles - The INN can issue encrypted Identity Smart Coins to eligible participants in a marketing event such as a raffle. Users can self-identify whether they are willing to accept marketing Smart Coins (marketing Smart Coins can also include Primary-currency to incentivize participation, for example). The Identity Smart Coins can assure fair participation. [113] Obtaining a Credit Card - The INN can issue an encrypted Identity Smart Coin not only including identity information for obtaining the account, but information needed in order to verify a credit score. Alternatively, a pre-paid credit card can be applied for using Primary-currency funds in the user's account. The transmission transferring the Identity Smart Coin to the issuer account represents the application. Applications can of course be submitted for other similar instruments implemented on-chain, like loans (implemented with a Loan Smart Coin) or off-chain like mortgages (implemented through external contracts once the submission is approved).
- the INN can issue an Identity Smart Coin to a user upon the user's request so that a restricted purchase can be implemented.
- the purchase can itself be made in Primary-currency, and the ID Smart Coin can validate requirements for the purchase, such as an age requirement for buying alcohol or securing a senior citizen discount, a gender requirement for buying a ticket to a dating event, a group requirement like a military or educational discount, a location requirement like citizenship, or any other kind of identity validation.
- Crypto-fiat a one to one backed version of Primary- currency which are maintained in Protected-currency Allocation Amounts (Dallocation) in the blockchain.
- Dallocation Protected-currency Allocation Amounts
- a restaurant chain wants to accept Crypto- dollars at its restaurants.
- T3P puts an agreement in place with the chain, and charges a small fee on transactions, though it is a smaller fee than they typically are charged for credit card transactions, for example.
- T3P provides easy to implement access to its Dallocation payment system. When purchases are made, T3P can immediately verify and approve them, and then all Crypto-dollar transactions need to be sent by T3P to the blockchain. End users (customers at the restaurant) do not see any additional cost, similar to credit card payments.
- the chain has Crypto-dollar revenue, the Crypto-dollars can later be exchanged for USD out of T3P's escrow. At the end of the month the restaurant chain will owe T3P payments on fees. Those fees can be paid in Primary- currency, adding to its liquidity.
- a group of friends chipping in for dinner 5 friends go out to dinner at a restaurant for a birthday celebration for a 6th friend, who they want to take out.
- the restaurant accepts Primary- currency/Crypto-fiat.
- the 5 friends open their Primary-currency apps, scan a QR code the waiter brings them, and each easily puts their share into the total payment.
- An efficient bank Banks can implement banking transactions using Crypto-fiat in a regulated fractional reserve implementation, or credit can be implemented with Crypto-fiat. Crypto-fiat can be combined with credit or Lending Smart Coins. This is particularly compelling with the 60% of the world that doesn't have access to banking.
- a bank wanting an inexpensive way to transfer fiat A bank can use our system to inexpensively transfer inter-bank payments.
- a person wanting to sell Primary-currency anyone who wants liquidity in Primary-currency can sell it in and exchange, given the liquidity driven by Primary-currency's general use as a cryptocurrency, its use in paying fees for Crypto-fiat, and its use in digital marketplaces including developer stores.
- T3P can accept other cryptocurrencies and put them into one-to-one backed escrow account in the same way that Crypto-fiat is implemented. For example, users wanting to transact in Bitcoin but without large delays and fees can send Bitcoin to the INN, receive Crypto-bitcoin in exchange, and then transact the Crypto-bitcoin on the network. At any point Crypto-bitcoin owners can exchange their Crypto-bitcoin for Bitcoin out of escrow.
- a computer program consists of a finite sequence of computational instructions or program instructions. It will be appreciated that a programmable apparatus (i.e., computing device) can receive such a computer program and, by processing the computational instructions thereof, produce a further technical effect.
- a programmable apparatus i.e., computing device
- a programmable apparatus includes one or more microprocessors, microcontrollers, embedded microcontrollers, programmable digital signal processors, programmable devices, programmable gate arrays, programmable array logic, memory devices, application specific integrated circuits, or the like, which can be suitably employed or configured to process computer program instructions, execute computer logic, store computer data, and so on.
- a computer can include any and all suitable combinations of a special- purpose computer, programmable data processing apparatus, processor, processor architecture, and so on.
- a computer can include a computer-readable storage medium and that this medium can be internal or external, removable and replaceable, or fixed. It will also be understood that a computer can include a Basic Input/Output System (BIOS), firmware, an operating system, a database, or the like that can include, interface with, or support the software and hardware described herein.
- BIOS Basic Input/Output System
- Embodiments of the systems as described herein are not limited to applications involving conventional computer programs or programmable apparatuses that run them. It is contemplated, for example, that embodiments of the invention as claimed herein could include an optical computer, quantum computer, analog computer, or the like.
- a computer program can be loaded onto a computer to produce a particular machine that can perform any and all of the depicted functions.
- This particular machine provides a means for carrying out any and all of the depicted functions.
- the computer readable medium can be a computer readable signal medium or a computer readable storage medium.
- a computer readable storage medium can be, for example, but not limited to, an electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, or device, or any suitable combination of the foregoing.
- the computer readable storage medium includes the following: an electrical connection having one or more wires, a portable computer diskette, a hard disk, a random access memory (RAM), a readonly memory (ROM), an erasable programmable read-only memory (EPROM or Flash memory), an optical fiber, a portable compact disc read-only memory (CD-ROM), an optical storage device, a magnetic storage device, or any suitable combination of the foregoing.
- a computer readable storage medium can be any tangible medium that can contain, or store a program for use by or in connection with an instruction execution system, apparatus, or device.
- a data store can be comprised of one or more of a database, file storage system, relational data storage system or any other data system or structure configured to store data, preferably in a relational manner.
- the data store can be a relational database, working in conjunction with a relational database management system (DBMS) for receiving, processing and storing data.
- DBMS relational database management system
- the data store can comprise one or more databases for storing information related to the processing of moving information and estimate information as well one or more databases configured for storage and retrieval of moving information and estimate information.
- Computer program instructions can be stored in a computer-readable memory capable of directing a computer or other programmable data processing apparatus to function in a particular manner.
- the instructions stored in the computer-readable memory constitute an article of manufacture including computer-readable instructions for implementing any and all of the depicted functions.
- a computer readable signal medium can include a propagated data signal with computer readable program code embodied therein, for example, in baseband or as part of a carrier wave. Such a propagated signal can take any of a variety of forms, including, but not limited to, electromagnetic, optical, or any suitable combination thereof.
- a computer readable signal medium can be any computer readable medium that is not a computer readable storage medium and that can communicate, propagate, or transport a program for use by or in connection with an instruction execution system, apparatus, or device.
- Program code embodied on a computer readable medium can be transmitted using any appropriate medium, including but not limited to wireless, wireline, optical fiber cable, RF, etc., or any suitable combination of the foregoing.
- computer program instructions can include computer executable code.
- languages for expressing computer program instructions are possible, including without limitation C, C++, Java, JavaScript, assembly language, Lisp, HTML, Perl, and so on.
- Such languages can include assembly languages, hardware description languages, database programming languages, functional programming languages, imperative programming languages, and so on.
- computer program instructions can be stored, compiled, or interpreted to run on a computer, a programmable data processing apparatus, a heterogeneous combination of processors or processor architectures, and so on.
- embodiments of the system as described herein can take the form of web-based computer software, which includes client/server software, software-as-a-service, peer-to-peer software, or the like.
- a computer enables execution of computer program instructions including multiple programs or threads.
- the multiple programs or threads can be processed more or less simultaneously to enhance utilization of the processor and to facilitate substantially simultaneous functions.
- any and all methods, program codes, program instructions, and the like described herein can be implemented in one or more thread.
- the thread can spawn other threads, which can themselves have assigned priorities associated with them.
- a computer can process these threads based on priority or any other order based on instructions provided in the program code.
- block diagrams and flowchart illustrations depict methods, apparatuses (i.e., systems), and computer program products.
- Any and all such functions can be implemented by computer program instructions; by special-purpose, hardware-based computer systems; by combinations of special purpose hardware and computer instructions; by combinations of general purpose hardware specialized through computer instructions; and so on - any and all of which can be generally referred to herein as a "circuit,” "module,” or "system.”
- each element in flowchart illustrations can depict a step, or group of steps, of a computer- implemented method. Further, each step can contain one or more sub-steps. For the purpose of illustration, these steps (as well as any and all other steps identified and described above) are presented in order. It will be understood that an embodiment can contain an alternate order of the steps adapted to a particular application of a technique disclosed herein. All such variations and modifications are intended to fall within the scope of this disclosure. The depiction and description of steps in any particular order is not intended to exclude embodiments having the steps in a different order, unless required by a particular application, explicitly stated, or otherwise clear from the context.
Abstract
Description
Claims
Applications Claiming Priority (5)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US201762565099P | 2017-09-29 | 2017-09-29 | |
US201762571556P | 2017-10-12 | 2017-10-12 | |
US201762585943P | 2017-11-14 | 2017-11-14 | |
US201862644841P | 2018-03-19 | 2018-03-19 | |
PCT/US2018/053242 WO2019067800A1 (en) | 2017-09-29 | 2018-09-27 | Transaction privacy in public distributed ledger systems |
Publications (4)
Publication Number | Publication Date |
---|---|
EP3688705A1 true EP3688705A1 (en) | 2020-08-05 |
EP3688705A4 EP3688705A4 (en) | 2021-07-07 |
EP3688705B1 EP3688705B1 (en) | 2023-08-02 |
EP3688705C0 EP3688705C0 (en) | 2023-08-02 |
Family
ID=65903208
Family Applications (2)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
EP18862055.3A Pending EP3688701A4 (en) | 2017-09-29 | 2018-09-27 | Scalable distributed ledger system |
EP18862535.4A Active EP3688705B1 (en) | 2017-09-29 | 2018-09-27 | Transaction privacy in public distributed ledger systems |
Family Applications Before (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
EP18862055.3A Pending EP3688701A4 (en) | 2017-09-29 | 2018-09-27 | Scalable distributed ledger system |
Country Status (7)
Country | Link |
---|---|
US (3) | US20200286081A1 (en) |
EP (2) | EP3688701A4 (en) |
JP (1) | JP7221546B2 (en) |
CN (1) | CN111316258A (en) |
CA (2) | CA3113327A1 (en) |
SG (1) | SG11202002525RA (en) |
WO (3) | WO2019067800A1 (en) |
Families Citing this family (45)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US11374935B2 (en) * | 2016-02-11 | 2022-06-28 | Bank Of America Corporation | Block chain alias person-to-person resource allocation |
US10419225B2 (en) | 2017-01-30 | 2019-09-17 | Factom, Inc. | Validating documents via blockchain |
US10411897B2 (en) | 2017-02-17 | 2019-09-10 | Factom, Inc. | Secret sharing via blockchains |
US10817873B2 (en) | 2017-03-22 | 2020-10-27 | Factom, Inc. | Auditing of electronic documents |
US10832241B2 (en) * | 2017-10-11 | 2020-11-10 | International Business Machines Corporation | Transaction reservation for block space on a blockchain |
AU2019267454A1 (en) | 2018-05-06 | 2021-01-07 | Strong Force TX Portfolio 2018, LLC | Methods and systems for improving machines and systems that automate execution of distributed ledger and other transactions in spot and forward markets for energy, compute, storage and other resources |
US11550299B2 (en) | 2020-02-03 | 2023-01-10 | Strong Force TX Portfolio 2018, LLC | Automated robotic process selection and configuration |
US11669914B2 (en) | 2018-05-06 | 2023-06-06 | Strong Force TX Portfolio 2018, LLC | Adaptive intelligence and shared infrastructure lending transaction enablement platform responsive to crowd sourced information |
US11134120B2 (en) | 2018-05-18 | 2021-09-28 | Inveniam Capital Partners, Inc. | Load balancing in blockchain environments |
US11170366B2 (en) | 2018-05-18 | 2021-11-09 | Inveniam Capital Partners, Inc. | Private blockchain services |
US11620642B2 (en) | 2018-08-06 | 2023-04-04 | Inveniam Capital Partners, Inc. | Digital contracts in blockchain environments |
CN109377215B (en) * | 2018-08-06 | 2020-04-21 | 阿里巴巴集团控股有限公司 | Block chain transaction method and device and electronic equipment |
US11328290B2 (en) | 2018-08-06 | 2022-05-10 | Inveniam Capital Partners, Inc. | Stable cryptocurrency coinage |
CN109242485B (en) * | 2018-08-13 | 2020-07-10 | 阿里巴巴集团控股有限公司 | Block chain transaction method and device and electronic equipment |
US10936552B2 (en) * | 2018-09-06 | 2021-03-02 | International Business Machines Corporation | Performing bilateral negotiations on a blockchain |
CN109377224A (en) * | 2018-10-25 | 2019-02-22 | 阿里巴巴集团控股有限公司 | Block chain method of commerce and device, electronic equipment |
RU2716740C1 (en) | 2018-11-27 | 2020-03-16 | Алибаба Груп Холдинг Лимитед | Information protection system and method |
AU2018347196B2 (en) | 2018-11-27 | 2020-05-14 | Advanced New Technologies Co., Ltd. | System and method for information protection |
PL3545644T3 (en) | 2018-11-27 | 2021-06-28 | Advanced New Technologies Co., Ltd. | System and method for information protection |
EP3866382B1 (en) | 2018-11-27 | 2023-06-21 | Advanced New Technologies Co., Ltd. | System and method for information protection |
KR102185191B1 (en) * | 2019-01-22 | 2020-12-01 | (주)에스투더블유랩 | Method and system for analyzing transaction of cryptocurrency |
DE102019109560A1 (en) | 2019-04-11 | 2020-10-15 | Infineon Technologies Ag | Trust Anchor Blockchain Verification |
RU2705772C1 (en) * | 2019-04-23 | 2019-11-11 | Публичное Акционерное Общество "Сбербанк России" (Пао Сбербанк) | Method and system for executing a repo transaction in a distributed registry |
US11062307B2 (en) * | 2019-08-26 | 2021-07-13 | Capital One Services, Llc | System and method of using localized blockchain to enable payment card use without connectivity |
US11228452B2 (en) | 2019-09-16 | 2022-01-18 | Cisco Technology, Inc. | Distributed certificate authority |
WO2021063503A1 (en) * | 2019-10-02 | 2021-04-08 | Telefonaktiebolaget Lm Ericsson (Publ) | Method for enabling efficient evaluation of transactions in a distributed ledger network |
US11323489B1 (en) | 2019-11-09 | 2022-05-03 | Arrowhead Center, Inc. | Scalable auditability of monitoring process using public ledgers |
US11710107B2 (en) | 2019-11-13 | 2023-07-25 | Visa International Service Association | System and method for transaction settlement |
US11784799B2 (en) | 2019-12-16 | 2023-10-10 | The Toronto-Dominion Bank | Secure distribution and management of cryptographic keys within a computing environment using distributed ledgers |
US11343075B2 (en) | 2020-01-17 | 2022-05-24 | Inveniam Capital Partners, Inc. | RAM hashing in blockchain environments |
JP7304303B2 (en) * | 2020-03-04 | 2023-07-06 | 株式会社日立製作所 | Payment management device, payment management method, and payment management system |
US20210279727A1 (en) * | 2020-03-06 | 2021-09-09 | Guardtime Sa | Verifiably Unique Transfer of Exclusive Control of Data Units |
KR20210121805A (en) * | 2020-03-31 | 2021-10-08 | 삼성전자주식회사 | Electronic device within blockchain based pki domain, electronic device within certification authority based pki domain, and cryptographic communication system including these electronic devices |
US11949784B2 (en) * | 2020-05-13 | 2024-04-02 | Ridgeline, Inc. | Auditing for events |
US11818259B2 (en) | 2020-05-13 | 2023-11-14 | Ridgeline, Inc. | Query and projection processing for events |
US11233640B2 (en) | 2020-05-13 | 2022-01-25 | Ridgeline, Inc. | Mutation processing for events |
US10861095B1 (en) * | 2020-07-31 | 2020-12-08 | Mythical, Inc. | Systems and methods for an automated electronic networked central clearinghouse for clearing and reversing reversible exchanges of non-fungible digital assets |
US10850202B1 (en) | 2020-07-31 | 2020-12-01 | Mythical, Inc. | Systems and methods for distributions by an automated electronic networked central clearinghouse |
EP3952207A1 (en) * | 2020-08-06 | 2022-02-09 | Guardtime SA | Secure transfer of data units using sharded blockchain |
WO2022125819A1 (en) * | 2020-12-09 | 2022-06-16 | Devvio, Inc. | Embedded device authentication system |
CN112581136A (en) * | 2020-12-28 | 2021-03-30 | 中钞信用卡产业发展有限公司杭州区块链技术研究院 | Block data structure of block chain, account book data structure, management method and device |
US11714983B1 (en) | 2021-01-08 | 2023-08-01 | John Imboden | Apparatus and method for digital currency |
US11797475B2 (en) * | 2021-01-14 | 2023-10-24 | Tencent America LLC | Method and apparatus for media scene description |
US20230281617A1 (en) * | 2022-03-03 | 2023-09-07 | Mastercard International Incorporated | Method and system of transaction dispute resolution |
WO2023250521A1 (en) * | 2022-06-25 | 2023-12-28 | Presend Llc | Methods and systems for pre-verification of cryptocurrency transfers using test transactions |
Family Cites Families (33)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US7171387B2 (en) * | 2001-05-15 | 2007-01-30 | International Business Machines Corporation | Method and apparatus for conducting multiple transactions |
US8025221B2 (en) * | 2007-08-03 | 2011-09-27 | First Data Corporation | Stored value card transaction control systems and methods |
US20100169170A1 (en) * | 2007-08-30 | 2010-07-01 | Fordyce Iii Edward W | Merchant offer program |
JP5754301B2 (en) * | 2011-08-25 | 2015-07-29 | 日本電気株式会社 | Transaction concurrency control system, transaction concurrency control method, and program |
KR102129949B1 (en) * | 2012-10-04 | 2020-07-06 | 페이 잇 심플 엘티디. | Methods, system and associated computer executable code for facilitating credit transactions |
US20160098723A1 (en) * | 2014-10-01 | 2016-04-07 | The Filing Cabinet, LLC | System and method for block-chain verification of goods |
US10592985B2 (en) * | 2015-03-02 | 2020-03-17 | Dell Products L.P. | Systems and methods for a commodity contracts market using a secure distributed transaction ledger |
EP3281163B1 (en) * | 2015-04-05 | 2023-12-13 | Digital Asset (Switzerland) GmbH | Digital asset intermediary electronic settlement platform |
US11704733B2 (en) * | 2015-05-01 | 2023-07-18 | Tzero Ip, Llc | Crypto multiple security asset creation and redemption platform |
US20160321752A1 (en) * | 2015-05-01 | 2016-11-03 | Medici, Inc. | Digitally Encrypted Securities Platform, Along With Methods And Systems For The Same |
KR102286959B1 (en) * | 2015-05-26 | 2021-08-10 | 티제로 아이피, 엘엘씨 | Intent obfuscation in transactions using encryption technology |
US9298806B1 (en) * | 2015-07-08 | 2016-03-29 | Coinlab, Inc. | System and method for analyzing transactions in a distributed ledger |
US20170011460A1 (en) * | 2015-07-09 | 2017-01-12 | Ouisa, LLC | Systems and methods for trading, clearing and settling securities transactions using blockchain technology |
US20170085555A1 (en) * | 2015-07-14 | 2017-03-23 | Fmr Llc | Point-to-Point Transaction Guidance Apparatuses, Methods and Systems |
US20170048235A1 (en) | 2015-07-14 | 2017-02-16 | Fmr Llc | Crypto Captcha and Social Aggregating, Fractionally Efficient Transfer Guidance, Conditional Triggered Transaction, Datastructures, Apparatuses, Methods and Systems |
JP6951329B2 (en) * | 2015-10-14 | 2021-10-20 | ケンブリッジ ブロックチェーン,エルエルシー | Systems and methods for managing digital identities |
US20170132630A1 (en) | 2015-11-11 | 2017-05-11 | Bank Of America Corporation | Block chain alias for person-to-person payments |
CA3101781C (en) * | 2015-12-22 | 2023-04-04 | Financial & Risk Organisation Limited | Methods and systems for identity creation, verification and management |
US20170200147A1 (en) | 2016-01-08 | 2017-07-13 | Akbar Ali Ansari | System and the computer methods of issuing, transferring and manipulating value or gift cards using blockchain technology |
US9849364B2 (en) * | 2016-02-02 | 2017-12-26 | Bao Tran | Smart device |
US10693658B2 (en) * | 2016-02-12 | 2020-06-23 | Visa International Service Association | Methods and systems for using digital signatures to create trusted digital asset transfers |
WO2017139688A1 (en) * | 2016-02-12 | 2017-08-17 | D+H Usa Corporation | Peer-to-peer financial transactions using a private distributed ledger |
US10475030B2 (en) * | 2016-02-22 | 2019-11-12 | Bank Of America Corporation | System for implementing a distributed ledger across multiple network nodes |
US10346406B2 (en) * | 2016-03-28 | 2019-07-09 | International Business Machines Corporation | Decentralized autonomous edge compute coordinated by smart contract on a blockchain |
CN105956923B (en) * | 2016-04-20 | 2022-04-29 | 上海如鸽投资有限公司 | Asset transaction system and digital authentication and transaction method of assets |
US20170331896A1 (en) * | 2016-05-13 | 2017-11-16 | De La Rue International Limited | Methods and systems for processing assets |
US10713731B2 (en) * | 2016-07-22 | 2020-07-14 | Nec Corporation | Method for secure ledger distribution and computer system using secure distributed ledger technology |
US9674064B1 (en) * | 2016-12-26 | 2017-06-06 | Republic Wireless, Inc. | Techniques for server transaction processing |
US20180247191A1 (en) * | 2017-02-03 | 2018-08-30 | Milestone Entertainment Llc | Architectures, systems and methods for program defined entertainment state system, decentralized cryptocurrency system and system with segregated secure functions and public functions |
GB201706071D0 (en) * | 2017-04-18 | 2017-05-31 | Nchain Holdings Ltd | Computer-implemented system and method |
US11410163B2 (en) * | 2017-08-03 | 2022-08-09 | Liquineq AG | Distributed smart wallet communications platform |
US11146380B2 (en) * | 2017-08-03 | 2021-10-12 | Parity Technologies Ltd. | Methods and systems for a heterogeneous multi-chain framework |
US11042804B2 (en) * | 2017-08-03 | 2021-06-22 | Liquineq AG | System and method for providing security gateways for high security blockchain systems |
-
2018
- 2018-09-27 CA CA3113327A patent/CA3113327A1/en active Pending
- 2018-09-27 EP EP18862055.3A patent/EP3688701A4/en active Pending
- 2018-09-27 WO PCT/US2018/053242 patent/WO2019067800A1/en unknown
- 2018-09-27 WO PCT/US2018/053240 patent/WO2019067798A1/en unknown
- 2018-09-27 EP EP18862535.4A patent/EP3688705B1/en active Active
- 2018-09-27 CN CN201880069982.6A patent/CN111316258A/en active Pending
- 2018-09-27 WO PCT/US2018/053243 patent/WO2019067801A1/en active Application Filing
- 2018-09-27 SG SG11202002525RA patent/SG11202002525RA/en unknown
- 2018-09-27 CA CA3113389A patent/CA3113389C/en active Active
- 2018-09-27 JP JP2020518690A patent/JP7221546B2/en active Active
- 2018-09-27 US US16/645,469 patent/US20200286081A1/en not_active Abandoned
-
2020
- 2020-03-13 US US16/818,094 patent/US20200211011A1/en active Pending
-
2023
- 2023-01-04 US US18/150,128 patent/US20230133388A1/en active Pending
Also Published As
Publication number | Publication date |
---|---|
US20200286081A1 (en) | 2020-09-10 |
EP3688705B1 (en) | 2023-08-02 |
WO2019067801A1 (en) | 2019-04-04 |
CA3113389C (en) | 2023-12-19 |
WO2019067800A1 (en) | 2019-04-04 |
EP3688705C0 (en) | 2023-08-02 |
JP2020536322A (en) | 2020-12-10 |
US20230133388A1 (en) | 2023-05-04 |
WO2019067798A1 (en) | 2019-04-04 |
US20200211011A1 (en) | 2020-07-02 |
JP7221546B2 (en) | 2023-02-14 |
CA3113327A1 (en) | 2019-04-04 |
EP3688705A4 (en) | 2021-07-07 |
EP3688701A1 (en) | 2020-08-05 |
EP3688701A4 (en) | 2021-05-05 |
SG11202002525RA (en) | 2020-04-29 |
CN111316258A (en) | 2020-06-19 |
CA3113389A1 (en) | 2019-04-04 |
Similar Documents
Publication | Publication Date | Title |
---|---|---|
US20230133388A1 (en) | Transaction Privacy in Public Distributed Ledger Systems | |
US11727401B1 (en) | System, method and program product for generating and utilizing stable value digital assets | |
US20220122062A1 (en) | Systems and methods for facilitating transactions using a digital currency | |
Bollen | The Legal Status of Online Currencies–Are Bitcoins the Future? | |
Brito et al. | Bitcoin: A primer for policymakers | |
Goforth | The Lawyer's Cryptionary: a resource for talking to clients about crypto-transactions | |
US20150046337A1 (en) | Offline virtual currency transaction | |
Hughes et al. | Regulating cryptocurrencies in the United States: Current issues and future directions | |
US20150220928A1 (en) | Platform for the purchase and sale of digital currency | |
US20160371679A1 (en) | Virtual currency transaction through payment card | |
CN112912909A (en) | System and method for facilitating transactions using digital currency | |
JP2022536485A (en) | Identity and Risk Scoring of Treasury Backed Token Assets and Associated Token Transactions | |
US11637693B2 (en) | Distributed blockchain-type implementations configured to execute know-your-customer (kyc) verification for MANAGING tokenized digital assets and improved electronic wallets, and methods of use thereof | |
AU2022204696A1 (en) | Scalable distributed ledger system, transaction privacy and combating fraud, theft and loss | |
US20220084015A1 (en) | Methods and systems for ethical cryptocurrency management | |
Steennot | Reduced payer's liability for unauthorized payment transactions under the second Payment Services Directive (PSD2) | |
Ho et al. | The relative benefits and risks of stablecoins as a means of payment: A case study perspective | |
Schurman | Bitcoin: Free Money or Fraud? | |
Çalışkan | A New Type of Payment in Philanthropy: Blockchain Applications | |
Seddiqi et al. | Bitcoin: The Decentralized Alternative to Cross-border Payments: What is Bitcoin position in cross-border payment market? | |
Isaac Christopher | Digital money | |
Lubogo | Digital Money: the law of cryptocurrency and cryptography | |
Lubogo | Digital money | |
Srisukvattananan | Overview of blockchain and possible use cases in the Thai payment system | |
Senarath | Development of Virtual Currency and ICOs in Australia |
Legal Events
Date | Code | Title | Description |
---|---|---|---|
STAA | Information on the status of an ep patent application or granted ep patent |
Free format text: STATUS: THE INTERNATIONAL PUBLICATION HAS BEEN MADE |
|
PUAI | Public reference made under article 153(3) epc to a published international application that has entered the european phase |
Free format text: ORIGINAL CODE: 0009012 |
|
STAA | Information on the status of an ep patent application or granted ep patent |
Free format text: STATUS: REQUEST FOR EXAMINATION WAS MADE |
|
17P | Request for examination filed |
Effective date: 20200326 |
|
AK | Designated contracting states |
Kind code of ref document: A1 Designated state(s): AL AT BE BG CH CY CZ DE DK EE ES FI FR GB GR HR HU IE IS IT LI LT LU LV MC MK MT NL NO PL PT RO RS SE SI SK SM TR |
|
AX | Request for extension of the european patent |
Extension state: BA ME |
|
DAV | Request for validation of the european patent (deleted) | ||
DAX | Request for extension of the european patent (deleted) | ||
A4 | Supplementary search report drawn up and despatched |
Effective date: 20210608 |
|
RIC1 | Information provided on ipc code assigned before grant |
Ipc: H04L 29/06 20060101AFI20210601BHEP Ipc: H04L 9/32 20060101ALI20210601BHEP Ipc: G06Q 20/00 20120101ALI20210601BHEP Ipc: G06Q 20/06 20120101ALI20210601BHEP Ipc: G06Q 20/36 20120101ALI20210601BHEP Ipc: G06Q 20/38 20120101ALI20210601BHEP |
|
REG | Reference to a national code |
Ref country code: DE Ref legal event code: R079 Ref document number: 602018054751 Country of ref document: DE Free format text: PREVIOUS MAIN CLASS: G06Q0020060000 Ipc: H04L0009000000 Ref country code: DE Ref legal event code: R079 Free format text: PREVIOUS MAIN CLASS: G06Q0020060000 Ipc: H04L0009000000 |
|
GRAP | Despatch of communication of intention to grant a patent |
Free format text: ORIGINAL CODE: EPIDOSNIGR1 |
|
STAA | Information on the status of an ep patent application or granted ep patent |
Free format text: STATUS: GRANT OF PATENT IS INTENDED |
|
RIC1 | Information provided on ipc code assigned before grant |
Ipc: G06Q 20/38 20120101ALI20230324BHEP Ipc: G06Q 20/36 20120101ALI20230324BHEP Ipc: G06Q 20/06 20120101ALI20230324BHEP Ipc: H04L 9/32 20060101ALI20230324BHEP Ipc: H04L 9/40 20220101ALI20230324BHEP Ipc: H04L 9/00 20060101AFI20230324BHEP |
|
INTG | Intention to grant announced |
Effective date: 20230424 |
|
GRAS | Grant fee paid |
Free format text: ORIGINAL CODE: EPIDOSNIGR3 |
|
GRAA | (expected) grant |
Free format text: ORIGINAL CODE: 0009210 |
|
STAA | Information on the status of an ep patent application or granted ep patent |
Free format text: STATUS: THE PATENT HAS BEEN GRANTED |
|
AK | Designated contracting states |
Kind code of ref document: B1 Designated state(s): AL AT BE BG CH CY CZ DE DK EE ES FI FR GB GR HR HU IE IS IT LI LT LU LV MC MK MT NL NO PL PT RO RS SE SI SK SM TR |
|
REG | Reference to a national code |
Ref country code: GB Ref legal event code: FG4D |
|
REG | Reference to a national code |
Ref country code: CH Ref legal event code: EP |
|
REG | Reference to a national code |
Ref country code: DE Ref legal event code: R096 Ref document number: 602018054751 Country of ref document: DE |
|
REG | Reference to a national code |
Ref country code: IE Ref legal event code: FG4D |
|
U01 | Request for unitary effect filed |
Effective date: 20230809 |
|
U07 | Unitary effect registered |
Designated state(s): AT BE BG DE DK EE FI FR IT LT LU LV MT NL PT SE SI Effective date: 20230816 |
|
U20 | Renewal fee paid [unitary effect] |
Year of fee payment: 6 Effective date: 20230817 |
|
PGFP | Annual fee paid to national office [announced via postgrant information from national office to epo] |
Ref country code: IE Payment date: 20230906 Year of fee payment: 6 Ref country code: GB Payment date: 20230817 Year of fee payment: 6 |
|
PG25 | Lapsed in a contracting state [announced via postgrant information from national office to epo] |
Ref country code: GR Free format text: LAPSE BECAUSE OF FAILURE TO SUBMIT A TRANSLATION OF THE DESCRIPTION OR TO PAY THE FEE WITHIN THE PRESCRIBED TIME-LIMIT Effective date: 20231103 |
|
PG25 | Lapsed in a contracting state [announced via postgrant information from national office to epo] |
Ref country code: IS Free format text: LAPSE BECAUSE OF FAILURE TO SUBMIT A TRANSLATION OF THE DESCRIPTION OR TO PAY THE FEE WITHIN THE PRESCRIBED TIME-LIMIT Effective date: 20231202 |
|
PG25 | Lapsed in a contracting state [announced via postgrant information from national office to epo] |
Ref country code: RS Free format text: LAPSE BECAUSE OF FAILURE TO SUBMIT A TRANSLATION OF THE DESCRIPTION OR TO PAY THE FEE WITHIN THE PRESCRIBED TIME-LIMIT Effective date: 20230802 Ref country code: NO Free format text: LAPSE BECAUSE OF FAILURE TO SUBMIT A TRANSLATION OF THE DESCRIPTION OR TO PAY THE FEE WITHIN THE PRESCRIBED TIME-LIMIT Effective date: 20231102 Ref country code: IS Free format text: LAPSE BECAUSE OF FAILURE TO SUBMIT A TRANSLATION OF THE DESCRIPTION OR TO PAY THE FEE WITHIN THE PRESCRIBED TIME-LIMIT Effective date: 20231202 Ref country code: HR Free format text: LAPSE BECAUSE OF FAILURE TO SUBMIT A TRANSLATION OF THE DESCRIPTION OR TO PAY THE FEE WITHIN THE PRESCRIBED TIME-LIMIT Effective date: 20230802 Ref country code: GR Free format text: LAPSE BECAUSE OF FAILURE TO SUBMIT A TRANSLATION OF THE DESCRIPTION OR TO PAY THE FEE WITHIN THE PRESCRIBED TIME-LIMIT Effective date: 20231103 |
|
PGFP | Annual fee paid to national office [announced via postgrant information from national office to epo] |
Ref country code: CH Payment date: 20231001 Year of fee payment: 6 |
|
PG25 | Lapsed in a contracting state [announced via postgrant information from national office to epo] |
Ref country code: PL Free format text: LAPSE BECAUSE OF FAILURE TO SUBMIT A TRANSLATION OF THE DESCRIPTION OR TO PAY THE FEE WITHIN THE PRESCRIBED TIME-LIMIT Effective date: 20230802 |